Lenders pull deals and increase rates en masse

UK lenders have been withdrawing products and increasing rates en masse over the last two days to combat a massive increase in business volumes.

Yesterday evening Scottish Widows Bank announced the suspension of a number of its ranges to deal with unexpected rises in business volumes.

Meanwhile, BM Solutions withdrew three products from its mainstream line from midnight on March 15.

The lender’s three-year fixed rate deals at 5.85% and 5.75% are no longer available. BM Solutions also pulled its lifetime tracker at 6.14%.

Also removing products yesterday was Bristol & West.

B&W has removed two three-year fixes and a seven-year fixed from its core range of products.

It has also withdrawn it tracker-for-term off-set product, three, five and seven-year buy-to-let products.

Its three-year first start offering and its three-year professional tracker and two-year professional discount products. Changes were effective last night.

Halifax will be also removing a number of products from tonight, following a large repricing that took place last week.

The changes will affect its two and three-year remortgages both fixed and tracker and also a five-year fixed rate remortgage.

The lender will also be changing its first-time buyer, homemover and new build deals.

All include a rise of either mortgage rates or administration fees.

Coventry has also unveiled alterations – effective March 20 – to its product lines, increasing the rates on products from both its Coventry and Godiva Mortgages ranges.

Coventry’s 6.40% offset flexx for term product has risen 0.15% as has its residential tracker. On top of this, Coventry’s residential flexx rate has risen 0.10% to 6.35%. All of these changes apply to products available at 90% LTV.

Changes to Godiva products include the buy-to-let flex range that has been boosted by 0.20%. Also risen by 0.20% are the lender’s buy-to-let fixed product and its fixed self-cert that is now at 6.19%. All Godiva products mentioned are available at 65% LTV.